Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1887-03-15

At not less than their par value ana accireu n-
terest. said bonds to be exempt ir9 taySt;on
and District and Municipal levies for ta -
d oopyGGh GERARD D. MOORE.
Dep. Clerk Co. CT.
But the Legislature instead OF CIV
ing authority to the County Court to
refund the entire debt of the county
into new bonds, has made the antnor-
.ity to extend only to the s12o.5oo
S per cent. semi-annuals, and PROVIDES
for bonds payable in not less than
twenty nor more than twenty-1our
years. "a copy of said ACT hereto
attached,
Fl. B. No ITO. An Act to amend ana rerenact
| an A ct 10 authorize the County OF Jefferson
10 fund at a lower rate of interest or on pet
ter terms the outstanding bonds OF sald
conntv passed March second. one thousand
eight hundred and eighty lone. IS
Re h enacted by the teqis,dt,tre of West Pir9t.'d:
That the act TO authorize the county OF JEFF
ferson to fund at lower rate OF interest OF on
better terms the outstanding oonu. ,ho,. sa.S
county. passed March second, one tnonsana
eioht hundred and eighty-one. he amendeo ana
re7enacted so as to read as follows:
THAT the County of jefferson 10 hereby
authorized to issue not exceeding one hundred
and twenty thousand five hundred dollars in
bonds of said county. registered or coupon.
bearing n rate of interest not greater than hve
per centum per annum. payable annnai,y OF
semi-annually; said bonds to be of such form
as the county court of said county may pre-
scribe and of the denominations OF one hun
dred dollars or multiple thereof. and payable
not less than twenty nor more than thirty-iour
years after date.
3 That said bonds. If so provided on the face
thereof by the said court in issuing the same
shall be exempt from assessment Tor county.
district or municipal, eyes lang ane inc or 5istres
ieyies. assessments. claims or demands due said
county of Jefferson.
e The county court of said county is hereby
authorized to exchange ut par the bonds issued
Under this act as now amended. for any or all
bonds issued under this act before It's amend
rnent and since the first day OF April. one thou-
sand eight hundred and eighty-six. not To cS-
coed the amount named in the first section
hereof; such substitution and redemption to he
provided for by the county court nj an expense
not to exceed three hundred dollars
f. Nothing in this act contained shall an,
thorize any Increase of the bonded debt of said
county nor shall the bonds issued under this
act. or the proceeds of sale thereof. he used ar
applied for any other purpose than the pay
| rncnt and redemption of the outstanding bonds
of said county. hcreinbcf"re mentioned.
Under this Act is discretionary
with the County Court whether it shall
issue the new bonds authorized there
in or not.
If such bonds are issued they can
not be made payable in less than
twenty nor more than thirty four
wears. The interest thereon at the
rate of five per centum per annum or
less, may be payable annually or semi
annually, and the coupons may or
may not be receivable for taxes in the
discretion of the Court.
The new bonds may be exchanged
at par for any bonds outstanding and
issued since the lst of April, 1886,
(the Amman issue only) with the con-
sent Of the holders thereof, or such
bonds may be sold and the proceeds
thereof used for the purpose of re-
deeming the Amman bonds, and for no
other purpose. The cost of this issue
and exchange or sale shall not ex-
coed $4,000, and the county in
debtedness shall not be increased
thereby.
A glance at this Act will show that
it is in no respect in harmony with
the order of the County Court at its
May Term and its Petition to the Leg
islature above set out.
In that order and petition the
County Court requests authority te
fund its entire debt, and binds it 81
if such request be granted
.-.>,J1 EEOaEs-- 4l>< ,1~.. @selI ~ Il
of the county to exchanges
the new at par, hut under this .s4s Z
the Legislature the Court is una6i$.
to perform what it proposed to do,
and can only allow parties holding
the Amman issue to make the ex-
change, a discrimination against q
portion of the creditors of the county,
which the Court, we have no doubt,
will carefully consider before taking
any further action.
The effect of the order of the Court
of the May term is to require it in
good faith to petition the Legislature
as therein proposed, and in event of
Legislative action being in entire ac-
cord Herewith, to see that it is carried
out by proper action OF the Court.
1t is. however. not a binding contract
and has no legal effect whatever.
FORREST w. BRowN,
GEO. BAYLOR.
Committee.
Since concluding this report we I'M
derstand from some of the members
| Of the Court, that the above Act was